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Strategies & Market Trends : Best Option Strategies and Option Insight

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To: wiley murray who wrote (94)	3/28/1998 6:26:00 PM
From: donald sew	Read Replies (1) of 245

Hi Wiley, Im still in WFC, at about the same price I originally got them at (336), but since I have had them about a week the time value is slipping a little. I agree with you on the Bollinger Bands, although the overall longterm trend is still bullish, it appears that it will be going thru a short-term bearish cycle very soon. It just set a higher high, now the key is that the dip does stays above 310 to maintain the longer-term uptrend. I see a strong support around 318-320 range. If it gets to 318-320 my puts would be doing well and I will terminate that positionn and go long at that time. WFC has spent 8 days in the 332-338 range - thats long enough, and since the technicals are basicly saying overbought for the short-term, the probability is much stronger to the downside. With the DOW slowing down a tad last week, that may also help. Just my luck - there will be manic buying. ggggggggggggg Seeya

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